remortgaging with bad credit history

Kendry

Hi there,

We are in need of a mortgage to try and get some home improvements done as parts of my house are literally falling apart and we would like to move in the next few years if possible. After getting some prices we think we need around £10,000 to redo the kitchen, bathroom and outside repairs. We are in the apparently lucky position of not having a mortgage after paying it off in full some years ago.

However since then, I made a lot of financial blunders and errors which have given me an adverse credit rating and this appears to affect my partner. I am now in a DMP (which may also have been an error I think) paying off my creditors and at least avoiding any further defaults or black marks against me.

What we want to do is try and remortgage the house as it is 100% equity to us and get the money to do the home improvements and clear all other outstanding debts (and get me away from this DMP). We can do this for just £26,000. With a house valued at £125,000 I thought this should be doable. I know I can afford this on my own based on what I payout for the DMP, it would also leave my partner over £130 a month better off as her credit cards get cleared - and this helps us financially.

But I am struggling to know who to go to. It appears one of the main stumbling blocks is the lack of mortgage, I was told my friends that if you have a mortgage topping it up is easier than applying from the start

Now I have spoken to my bank who said no, I cannot go to my partners bank as they are one of my creditors so I very much doubt they would say yes to me. So who do I turn to?

This website suggested "London & Country Mortgages" and the person I spoke to there seemed doubtful and I now feel after a week is avoiding me despite being given copies of our credit reports from Equifax.



I am wondering if there is a hope of doing what we want and if so where to look. I do not want to try random places as that will affect us with credit searches.

Has anyone got any suggestions on how to approach this and find what I am after or is there even a better solution to my problem that I have not come across yet?

Thanks
Martin

GMS

This is not the forst post stating London and Country have not been following up. Could be down to workload but not really good customer service.

May be worth seeking the help of an alternative broker. Provide them with full details of your circumstances and copies of your credit reports.

Do you have any CCJ's or defaults? If so for how much and when?

Kendry

GMS wrote: »

This is not the forst post stating London and Country have not been following up. Could be down to workload but not really good customer service.

May be worth seeking the help of an alternative broker. Provide them with full details of your circumstances and copies of your credit reports.

Do you have any CCJ's or defaults? If so for how much and when?

Hi. No I have no CCJS, but do have defaults. I have copies of my credit report from Equifax as Experian's website would not let me register for some reason.

I assume the reports would be the same though either way? The reports do not seem to show much of 2010/2011 in many cases which I assume is normal with what is below.

I had a Default in November 2009, for £8609
a cataloge put on on me in Jan 2011 (£215)
A credit card had one put in July 2008 (£5463)
Lowelle Portfoilo [no idea who they are] October 2010 (£336)
a second credit card December 2009 (£694)
My old bank put another one in March 2008 for an old bank account. It marked as settled in full the next month.
A third credit card (£1204) in July 2009
A cataloge in December 2010 (£465)

All credit cards etc are being paid via the DMP.

Martin